Russia to assist Nigeria for setting up four nuclear power plants worth nearly $80bn

14 April 2015 (Last Updated April 14th, 2015 18:30)

Russian state nuclear power corporation Rosatom is likely to build four nuclear power facilities for Nigeria involving a cost of $80bn.

Russian state nuclear power corporation Rosatom is likely to build four nuclear power facilities for Nigeria involving a cost of $80bn.

The African country intends to push its nuclear energy capacity by 1,200MW by the end of the decade.

Bloomberg cited Nigeria Atomic Energy Commission chairman and CEO Franklin Erepamo Osasai as saying that Nigeria has already signed an agreement with Rosatom for designing, construction, operation and decommissioning of a facility.

Three more facilities have been planned to be set up by 2035, each of which will involve an investment of $20bn.

"Nigeria intends to push its nuclear energy capacity by 1,200MW by the end of the decade.

Osasai said: "A joint coordination committee is in place and negotiations are ongoing for financing and contracting.

"We are meticulously implementing our plans."

According to the deal agreed upon by the two countries, Nigeria will hold a minority stake in the nuclear power project with Rosatom having the controlling stake in it.

Contractual agreements will be formed by the Nigerian Government and Rosatom, which will entail the role to be played by the parties for the new development.

The facility will deliver nuclear energy to the country under a power-purchasing agreement, Osasai informed.

The African country maintains an electricity output of nearly 3,600MW. Gas shortages, however, have been affecting its power output for some time, turning nearly 1,500MW of power unavailable for Nigeria.

As well as Nigeria, South Africa has signed a deal with Rosatom to increase its nuclear power generation capacity by 9,600MW.